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Austrian school of economics |
Also found in: Wikipedia, Hutchinson | 0.01 sec. |
Austrian school of economicsBody of economic theory developed by several late 19th-century Austrian economists. Carl Menger (1840–1921) published a paper on their new theory of value in 1871. The concept of value was subjective, the source of a product's value being its ability to satisfy human wants. The actual value depended on the utility derived by the consumer from the product in its least important use (marginal utility). The theory was also applied to production and pricing. Other founders of the school included Friedrich von Wieser (1851–1926) and Eugen von Böhm-Bawerk (1851–1914). See also opportunity cost; productivity. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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He entered Bonn University with the intention of studying medicine-his father was a doctor-but switched to economics after attending a lecture by the famous economist of the Austrian school, Joseph Schumpeter, and came under his spell and that of his masterpiece, The Theory of Economic Development (1912). The late Ludwig von Mises, the renowned scholar identified with the Austrian School of economics, often observed that the government is content to blame inflation on business, as has been the case most recently when prices rose in the energy sector. Perhaps this is because Rostow also relied quite heavily on economists not associated with institutional economics, most notably Joseph Schumpeter of the Austrian School and empirically orientated Simon Kuznets (Rostow, 1990). |
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